Office Space other investment in Carlsbad.
Cash invested: $400,000
Currently 1 year in to a 5-10 year plan. I bought out my partners for Engel & Volkers Carlsbad and I am currently focusing all my efforts on making it a premier brokerage for agents specializing in homes, land, investments, and development. We are building successful teams of specialists in home sales, RCFE, mixed-use commercial, multi-family, syndication, deferred sales trusts, land, and development services.
What made you interested in investing in this type of deal?
I have a passion for investing in real estate and I saw the opportunity to build an elite brokerage that could fill specific niches that no other international company was filling. I think the Engel & Volkers brand represents a culture of competence and value for our clients worldwide. In addition, our collaborative and exclusive network globally ensures a standard of care that we as agents can rely on as we refer our clients to each other.
How did you find this deal and how did you negotiate it?
We first converted our real estate company to Engel & Volkers in 2013. I acquired my territory and franchise in 2018.
How did you finance this deal?
Personal cash with loans.
How did you add value to the deal?
I built out a brand new, high tech office, in the heart of Carlsbad Village. I hired an extraordinary support staff, and have been working on organic, community-centered marketing.
What was the outcome?
So far, so good! We are seeing some awesome results from our efforts, as well as a healthy pipeline of deals.
Lessons learned? Challenges?
It has been a very humbling experience. Stepping from a sales/investing role into a management role has been challenging to say the least. Thankfully I have a very talented and forgiving team who is hard working and motivated by the vision I laid before them.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
YES! Anyone with Engel & Volkers is awesome in my book!
Is your market only CA or are you developing in the midwest markets?
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